Continuing its losing streak for the sixth straight day, crude palm oil prices fell further by 0.21% to Rs 436.30 per 10 kg in futures trade today as speculators engaged in trimming positions amid persistent supplies in spot market.
At the MCX Crude Palm Oil for delivery in May month shed another 90 paise or 0.21% to Rs 436.30 per 10 kg in business turnover of 51 lots.
Likewise, the oil for delivery in April contracts weakened by 40 paise or 0.09% to Rs 435.10 per 10 kg in 5 lots.
The market is now keeping an eye on a proposal by top grower Indonesia to impose levies on exports of its crude and processed palm oil that could be approved this week. Technically market is under long liquidation as market has witnessed drop in open interest by -11.82% to settled at 1224 while prices down -4.3 rupee, now CPO is getting support at 434 and below same could see a test of 432.6 level, and resistance is now likely to be seen at 437.7, a move above could see prices testing 440.
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